1st Union to acquire insurer Takeover of agency expands coverage

August 09, 1996|By Bill Atkinson | Bill Atkinson,SUN STAFF

First Union Corp. said yesterday that it has entered into an agreement to acquire a Fairfax, Va.-based insurance agency that specializes in writing coverage for businesses in Maryland, Washington and Virginia.

The nation's sixth largest banking company said it expects to acquire Taylor & Clark Insurance Services Inc. by Oct. 1.

The companies declined to release terms of the transaction.

Like other banks, First Union is broadening its line of financial products to provide its customers with everything from checking accounts to mutual funds to annuities.

"We feel it is something that our business clients want and need," said Mark Folk, a First Union spokesman. "When it comes to business insurance, this is an area we are looking to develop more."

The deal would add 25 employees and about $3 million in revenues to First Union Insurance Group, which is an insurance agency operated by First Union Corp. Based in McLean, First Union Insurance provides a variety of products, including property, casualty and surety insurance in addition to corporate employee benefit plans.

Founded in 1969, Taylor & Clark has about 50 percent of its portfolio in corporate property and casualty insurance, 37 percent in corporate employee benefit plans, and 13 percent in personal lines of insurance, First Union said.

Pub Date: 8/09/96

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